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Client success in outsourcing regulatory compliance

Challenge

The PRA issued new regulation pertaining to the risk management of third parties and outsourcing.
Our client (a Financial Services institution) needed to develop a risk-based approach to the management of all its third parties.

Approach

  • Peru applied a holistic view of all third-party arrangements classifying suppliers in accordance with risk.
  • We worked with the client to develop and execute a new Third Party and Outsourcing Policy.    
  • We analysed all existing material outsourcing contracts remediated gaps on exit provisions with contractual amendments.  
  • Peru further analysed other business critical contracts applying a risk-based model to the management of these suppliers.
  • In collaboration, we instituted new governance and risk protocols to maintain the client’s risk posture. This includes exit plan reviews and putting in place a Risk Committee.  

Outcomes

  • An  independent assurance that the new policy and processes would meet Regulatory requirements.
  • Execution of all changes to enable the new policy and processes to be operationalised including contract amendments.
  • Remediation of prior known risk issues which were addressed as part of this project.
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Industry

Financial Services

Geography

UK

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